The Peterson Center on Healthcare has introduced the Peterson Health Technology Institute (PHTI), a non-profit venture aimed at assessing emerging healthcare technologies. With an initial $50M commitment, PHTI will conduct evidence-based evaluations of digital health solutions’ clinical benefits, economic impact, and considerations like equity, privacy, and security.
Digital health technologies hold the potential to revolutionize healthcare delivery, improve patient experiences, and lower costs. However, the lack of comprehensive information about their efficacy hampers decision-making for patients, providers, payers, and investors. PHTI aims to bridge this gap by offering independent, accessible evaluations.
In collaboration with the Institute for Clinical and Economic Review (ICER), PHTI will establish a unique assessment framework for digital health tools. The goal is to foster a better understanding of their functionality and cost-effectiveness. The institute will closely monitor emerging digital health tech, collecting relevant data for comprehensive evaluations. By identifying promising innovations and shedding light on products that fall short, PHTI intends to drive informed decisions.
The global digital health market is projected to reach $1.5 trillion by 2030, underlining its significance. However, despite $15.3 billion invested in U.S. digital health over the last decade, most lack robust evidence for claimed clinical benefits.
“As digital health tools replace and augment traditional healthcare, they should both deliver better health outcomes and improve affordability,” said Caroline Pearson, Executive Director of the Peterson Center on Healthcare. “In order for technology to successfully contribute to the goal of a more effective and efficient healthcare system, patients, providers, and payers need better information about what works.”
“The Peterson Health Technology Institute can play an essential role in cutting through the hype surrounding new digital health technologies and the commercial interests behind them, providing independent, evidence-based evaluations of their potential for improving care and lowering costs,” said Drew Altman, President and CEO of KFF and a member of the Peterson Center on Healthcare’s Advisory Board.
“The independent evaluation of digital health tools is not only a great public service and resource, but it can also help drive the industry to be more rigorous and focused on contributions that meet the most urgent needs for information, quality care, effectiveness and efficiency,” said Helen Darling, former President and CEO of the National Business Group on Health and a member of the Peterson Center on Healthcare’s Advisory Board.